Globe Fintech Innovations, Inc. (“Mynt”), the parent company of GCash, the Philippines’ leading finance super app and largest digital cashless ecosystem, has successfully secured new strategic investments from Ayala Corporation (“Ayala”), one of the Philippines’ largest and most enduring conglomerates, and Mitsubishi UFJ Financial Group (“MUFG”), Japan’s largest banking group and one of the world’s largest financial institutions.
This latest transaction increased Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from its previous investment round in 2021.
Mynt’s net income stood at PHP 6.7 billion in 2023.
Ayala’s wholly-owned subsidiary, AC Ventures Holdings, Inc. (“ACV”), will enhance its interest in Mynt by acquiring an additional 8%. At the same time, MUFG will acquire an 8% share in Mynt through its consolidated subsidiary, MUFG Bank, Ltd., following the signing of definitive investment agreements.
“We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth & development, and its expertise in multiple industries will accelerate GCash’s mission,” said Martha Sazon, President and CEO of Mynt.
“GCash is an indispensable infrastructure for everyday life of Filipinos and we are delighted to join Mynt as a strategic investor to support the growth of the company. With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.” Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG
Mynt’s user base and transactions have grown at an unparalleled rate over the last four years, thanks to innovations and a strong focus on improving the customer experience. Aligned with its commitment to financial inclusion, this new investment will boost economic growth in the Philippines by making financial services available to Filipinos.
The proposed investment is contingent upon the completion of formal deal agreements and the meeting of customary closing conditions. When the transaction is completed, MUFG will become a stakeholder in Mynt, and Ayala’s stake in the company will expand. Morgan Stanley provided Mynt with exclusive financial advice.
